Los Angeles Capital Management & Equity Research Inc. Takes Position in ServiceNow, Inc. (NOW)
Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 64,736 shares of the information technology services provider’s stock, valued at approximately $6,862,000.
Other hedge funds also recently made changes to their positions in the company. Cornerstone Advisors Inc. grew its holdings in ServiceNow by 29.2% during the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock valued at $115,000 after purchasing an additional 245 shares during the last quarter. Barrett Asset Management LLC acquired a new position in ServiceNow during the second quarter valued at approximately $117,000. Global X Management Co. LLC grew its holdings in ServiceNow by 30.6% during the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 330 shares during the last quarter. TLP Group LLC acquired a new position in ServiceNow during the first quarter valued at approximately $131,000. Finally, Crow Point Partners LLC grew its holdings in ServiceNow by 8.8% during the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after purchasing an additional 107 shares during the last quarter.
In related news, CRO David Schneider sold 16,349 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $107.25, for a total transaction of $1,753,430.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Slootman sold 150,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $115.38, for a total value of $17,307,000.00. Following the sale, the director now owns 216,535 shares of the company’s stock, valued at $24,983,808.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 928,853 shares of company stock worth $101,627,586. 3.30% of the stock is currently owned by insiders.
Several equities analysts have commented on the company. Credit Suisse Group assumed coverage on ServiceNow in a report on Tuesday, September 5th. They set an “outperform” rating and a $135.00 price target on the stock. Piper Jaffray Companies restated a “hold” rating on shares of ServiceNow in a research note on Friday, July 28th. JMP Securities restated an “outperform” rating on shares of ServiceNow in a research note on Thursday, July 27th. BidaskClub downgraded shares of ServiceNow from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $141.00 price objective on shares of ServiceNow in a research note on Wednesday, June 28th. Eight analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have given a strong buy rating to the stock. ServiceNow presently has an average rating of “Buy” and an average target price of $117.40.
ServiceNow, Inc. (NOW) opened at 116.40 on Monday. The firm’s 50 day moving average price is $110.26 and its 200-day moving average price is $99.93. The company’s market capitalization is $19.87 billion. ServiceNow, Inc. has a one year low of $71.34 and a one year high of $118.64.
ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. The company had revenue of $471.70 million for the quarter, compared to analyst estimates of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. ServiceNow’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. Equities analysts forecast that ServiceNow, Inc. will post $1.17 earnings per share for the current fiscal year.
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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